Operation Hard Money Results in 11 Arrests in Mortgage Fraud Case
March 26, 2026 – Los Angeles, CA – Los Angeles Police Department officials report that on Thursday, March 19, 2026, the 
Los Angeles Police Department’s Commercial Crimes Division – Real Estate Fraud Unit, in partnership with the Eurasian Organized Crime Task Force—which includes agents from the Federal Bureau of Investigation, Internal Revenue Service Criminal Investigations, and Glendale Police Department—carried out Operation Hard Money, leading to the arrest of 11 suspects involved in a complex mortgage fraud scheme.
The LAPD investigation began in 2022, stemming from a $5.7 million fraudulent loan in which the suspects stole the victim’s personal information, created fraudulent accounts in the victim’s name, fabricated documents, impersonated the victim, and forged the victim’s signature. Investigators later identified two additional victims of the same mortgage fraud scheme and uncovered additional mortgage loans totaling $17 million linked to the same group of suspects.
On February 5, 2026, the United States Attorney’s Office obtained a 15-count federal indictment on charges that include wire fraud, conspiracy to commit wire fraud, aggravated identity theft, money laundering, and conspiracy to commit money laundering, leading to Operation Hard Money and the arrests of:
- Nazaret Chakrian, 65, of Hollywood
- Arnold Moradians, 57, of Hollywood
- Avetis Hekimyan, 38, of North Hollywood
- Marine Sarkisian, 49, of Hollywood
- Victor Lossi, 43, of Thousand Oaks
- Cynthia Borjas, 51, of Koreatown
- Armen Vardevaryan, 55, of North Hollywood
- Ross Tarkhan, 32, of Glendale
- Craig Higson, 66, of Naples, Florida
- Helen Spangler, 62, of Oakdale
- Tigran Hovanesian, 56, of Glendale
Common elements of the fraud scheme include victims who are all over 70 years old, own multiple properties outright with no mortgages, debts, liens, or encumbrances.
The Real Estate Fraud Unit believes there may be additional victims of this scheme and are encouraging anyone with information regarding this investigation to call Commercial Crimes Division at (213) 486-6620 between 6:00 a.m. and 3:00 p.m. During non-business hours or weekends, calls should be directed to 1-877-LAPD-24-7 (877-527-3247). Anyone wishing to remain anonymous should call the L.A. Regional Crime Stoppers at 1-800-222-TIPS (800-222-8477) or go directly to www.lacrimestoppers.org. Lastly, tipsters may also download the “P3 Tips” mobile application and select the L.A. Regional Crime Stoppers as their local program.
Source: Los Angeles Police Department
